Triggers Hit In Leveraged Tranches

Credit spread widening has brought some leveraged tranches of asset-backed collateralized debt obligations to the trigger levels that force the structures to delever.

  • 10 Aug 2007

Credit spread widening has brought some leveraged tranches of asset-backed collateralized debt obligations to the trigger levels that force the structures to delever.

Concern is focused on Canadian conduits, the investment vehicles that bought up leveraged super senior notes in large sizes. Some conduits are backed by large ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 5,997 17 15.40
2 Citi 4,679 16 12.02
3 Lloyds Bank 3,158 6 8.11
4 Bank of America Merrill Lynch (BAML) 3,104 10 7.97
5 Morgan Stanley 3,066 8 7.88

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 69,085.90 230 10.56%
2 JPMorgan 63,371.79 193 9.69%
3 Wells Fargo Securities 50,770.30 154 7.76%
4 Bank of America Merrill Lynch 50,061.19 163 7.66%
5 Credit Suisse 45,499.96 141 6.96%